A $4 million series A round has been completed by Israeli digital health company CVAid Medical, which has developed a platform for the identification, diagnosis and treatment of cerebrovascular accidents using artificial intelligence. The round was funded by the Israeli Rad Biomed investment fund, Sanara Capital and Phillips, among others.
CVAid enables medical teams to perform neurological examinations based on video and audio captured via smartphone as the data is processed in real time by the company’s AI algorithms. The AI’s analysis provides clinicians with the tools to make quick decisions in response to the stroke, reducing the potential damage suffered by patients.
CVAids platform also allows non-professionals to quickly and efficiently react to brain stroke events by filming patients when there is a suspected stroke, at which point the system’s artificial intelligence network produces a diagnosis and recommendation. After a number of clinical trials in Israel and Europe, CVAid’s platform boasts a nearly 90% accuracy rate in its ability to detect a stroke and its severity.
Patients receive follow-ups and monitoring from CVAid following strokes, which provide recovery progress data and watches out for signs of future additional strokes.
“CVAid has made impressive leaps since we first met a few years ago,” said Assaf Barnea, CEO of Sanara Capital. “The field of neuroscience in general, and the diagnosis and treatment of the brain in particular, is one of the most developing fields in medicine in recent years and we will be happy to help the company with Sanara’s global network of contacts with hospitals and other medical leaders of opinion promoting groundbreaking medical innovation like CVAid.”
Established in 2018, CVAid’s platform was developed by a group of entrepreneurs who combine business, tech and medical experience, including Oren Dror, the company’s founder, partner and CEO, and Danny Farin, who serves as an executive chairman. A serial entrepreneur, Farin previously founded and led Eon Surgical, which developed an innovative system for micro-laparoscopic surgery and was sold in 2013 to Teleflex Medical (NASDAQ: TFX). He currently serves as CEO of Perflow Medical, which has developed an innovative technology for blood clot removal by mechanical thrombectomy, and was recently acquired by a private equity fund.
“This successful investment round signals a major vote of trust in CVAid’s ability to generate a revolutionary change and become the ‘visual ECG’ of cerebrovascular accidents,” Dror said.
“Joining up with investors of this magnitude will allow us to significantly accelerate our strategic plan, which includes completing regulatory processes with the FDA and CE, continuing clinical research, and recruiting additional first-rate personnel to the company to expand our groundbreaking development center in Israel.”